'UP receives Rs 2 lakh crore investment commitments in solar sector'

New Delhi: Uttar Pradesh has received investment commitments of about Rs 2 lakh crore in the solar energy and related sectors, state energy minister A K Sharma said.

UP has launched 'Uttar Pradesh Solar Energy Policy 2022' which aims to set up 22 gigawatt (GW) of green energy projects by 2027 in the state, Sharma told PTI in the national capital.

The minister was part of a delegation which visited New Delhi last week for a roadshow in the run-up to the Global Investors Summit in Lucknow from February 10-12.

"The policy is just two months old and we have already received investment commitments worth Rs 2 lakh crore in the solar and related sectors," the minister said in reply to a question on investment targets in the RE sector.

Rooftop solar projects alongwith ground-mounted projects in agriculture fields will be the growth drivers of the green energy demand in the state, he said.

Besides, the government aims to set up utility scale projects, ultra mega solar parks, distributed solar systems and development of model solar cities etc, Sharma said.

He urged investors to invest in the state, noting that the policy provides for various subsidies, incentives for solar energy generation and storage.

The state has also launched a Bio Energy Policy 2022 to help the country meet its net-zero goals, Sharma said.

Sharing details of the policy, he said it aims at setting up compressed bio gas plants, bio-coal, bio-diesel/bio-ethanol plants utilising different kinds of wastes like agri waste, waste from sugar mills, municipal waste, among others.

Besides, the investors under this policy will be given support like exemption from stamp duty for acquisition of land for such projects, exemption of electricity duty for a period of 10 years etc.

Sharma said there are immense business opportunities in the clean energy sector in the state and investors must tap these areas for good returns. The demand for clean energy is growing in the state on the back of various government initiatives and programmes, he said.